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MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. v. CLAYTON

No. 72-3639.

488 F.2d 974 (1974)

MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., Plaintiff-Appellee, v. David B. CLAYTON, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

January 21, 1974.

Attorney(s) appearing for the Case

W. W. Conwell, Peyton D. Bibb, Jr., Birmingham, Ala., for defendant-appellant.

Drayton Nabers, Jr., Drayton T. Scott, Birmingham, Ala., for plaintiff-appellee.

Before BELL, COLEMAN and RONEY, Circuit Judges.

BELL, Circuit Judge:

In this diversity action appellee seeks to recover the proceeds of sale by appellant of stock received, held and sold as an innocent gratuitous transferee. The principal issue on appeal is whether Section 204 of the Restatement of Restitution1 entitles appellee to recover not merely the value of the stock at the time it was received by appellant, but rather its value when sold by appellant. The difference amounts to...

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